Knowing Your Score

knowscoreThere is a lot of buzz about knowing your credit score.  That buzz can be misleading because there is no one credit score for each person.

There are many different credit scoring models that co-exist in the marketplace including generic scores, proprietary lender scores, industry specific scores and educational scores. A number of the scores available for purchase are considered educational and do not coincide with the exact scores that a creditor will obtain when you apply for credit.

Typically you have to pay a nominal fee to get a score generated from your report.  Federal law entitles us all to one free report each year from the three major bureaus, Equifax, Experian, and TransUnion, but it doesn’t provide for a free credit score.

Buying all your different scores would be expensive, not to mention the time involved in tracking down all the different models and their uses.  So, which score should you know? And, do you really need to know all those numbers?

Learn more about credit scores in our new project, Credit Scores: You Do the Math
Underwritten by:experian_logo

  Do You Need that Furniture Warranty?

There is an important question to ask yourself before you buy an extended warranty on your new furniture. Several studies have found that extended warranties on appliances and electronic equipment are not a good deal for consumers, but what about a warranty on furniture? Stephanie had just graduated from college and purchased new bedroom furniture for her rented apartment. The salesperson convinced Stephanie that she should protect her furniture from spills, stuck drawers and a host of other possible problems. So, she bought the five-year extended warranty. According to Stephanie, what she wasn’t told was that the warranty would stay in effect for the furniture as long as it was at the original delivery site, her rented apartment. Being a new college grad and likely to move before five years she cancelled the extended warranty. So there, you have another question to ask before you buy an extended warranty: does it apply if I move?
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